Downturn triggers rise in online banking

13 February 2009

The economic downturn has sparked a rise in the use of online banking, with around three-quarters of consumers now using the internet to keep an eye on their finances, a new survey has found.

According to the poll conducted by Forrester Consulting on behalf of Fiserv, 71 per cent of consumers are paying more attention to money matters than they were a year ago.

Another 75 per cent said they use online banking to check up on their accounts, with 28 per cent adding that their use of the service had increased over the last 12 months.

Some 63 per cent of those questioned said being able to manage all of their accounts from one site helps them to feel more in control of their finances.

Todd Lesher, division president of Fiserv Electronic Banking Services, said: "Financial institutions are playing an important role by providing new and innovative online tools to help consumers weather the financial storm."

The survey's findings contrast with research from ComScore, which found that during the third quarter of 2008, four out of the top five US banking websites saw a decline in the number of minutes each visitor spent on their pages.

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